IMF: Russian oil export price is higher than the limit price, still stable exports

Russian oil is still trading above the $60 per barrel limit and Russia's energy exports are holding steady despite a Western price cap, according to an International Monetary Fund (IMF) report."Western sanctions on Russian crude oil exports have had a mixed effect: Russia's oil export flows have been fairly stable and Russian oil is trading above the $60 ceiling," the report said.

Western sanctions on Russian oil came into effect on December 5, 2022, with the European Union stopping receiving Russian oil shipped by sea, and the G7, Australia and the European Union setting a price cap of $60 / barrel for seaborne oil, prohibiting the transportation and underwriting of oil above the limit price.

In response, Russian President Vladimir Putin issued a decree banning, as of February 1, oil exports that directly or indirectly provide for the use of price caps in contracts.